Prime minister faces mounting pressure to act on housing affordability
Canadian Housing Minister Sean Fraser stands behind Prime Minister Justin Trudeau during a news conference in Prince Edward Island in August. , Photographer: Dean Casavechia/Bloomberg
“We’re facing a shortage of housing right now and that’s why prices of homes have become far too high,” Trudeau said. “House pricing cannot continue to go up.” But while the prime minister promised more measures are coming to boost Canada’s housing supply, he didn’t unveil any new policies at Wednesday’s announcement.
“We’re living in a housing crisis,” said Housing Minister Sean Fraser, promising more deals with other communities in the weeks to come. “It’s so much bigger than London. This has national implications.” Ontario’s shortfall is still expected to be the largest in the country at 1.48 million homes, though it’s down from last year’s estimate of 1.85 million. In British Columbia, population growth means mean its supply gap is likely to be 610,000 homes, from 560,000.
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